Thinking of renting out a property? Well let’s go from thinking to doing. Now that it’s time to hunt for property, consider these 4 quick tips while you’re at it. Our rental property investment tips are intended to help you choose objectively rather than impulsively!
1. Choose Your Neighborhood Wisely
Be flexible but smart with your choice of area–middle to lower income areas where tradesmen and some businesses might reside are worthwhile to look into because anyone who understands the value of hard work will most likely be a dependable and qualified candidate to fill in your property. If the property you choose needs maintenance, make sure to budget it’s fixes within the first year (prior to renting it all). Doing this will show city officials your good standing as a landlord and commitment to keeping your property up. Remember, each property you own works as a reference to describe your business judgement, commitment, work and abilities.
2. Join the Landlords’ Association in Your Area
It’s always a good idea to get involved with a supportive group in your professional field. By joining the Landlords’ Association, you will automatically get access to dozens of tools that you’ll need as a landlord such as sample leases, copies of laws and regulation, lists of lawyers, contractors and inspectors. You can receive help with (discounted) tenant screening, property management education and more.
3. Consider Property Safety Inspector
Hire a licensed home inspector, this will help keep your property from potential safety and maintenance issues. There are too many potential dangers that lurk within and behind the walls which can later cost you money that can go into other matters that benefit your properties. Primary maintenance concerns include: radon, lead paint, asbestos and mold. These can be expensive problems that not only affect maintenance but the health of your tenants.
Know the Rules
As a landlord, it is imperative to give special attention to following safety hazards in order to prevent potential lawsuits:
- Steep steps.
- Exterior stairways without handrails or where ice/snow/rain may cause a slip hazard.
- CO and smoke detectors (fire hazard)
- Obstructed doorways or exits (fire hazard)
- Broken windows/glass
- Cracks or unevenness in sidewalks, driveways, or walkways (trip hazard)
- Open electrical circuits, outlets or wires (electrocution hazard)
- Unfenced swimming pools (drowning hazard)
Safety should always be a primary concern.
4. Stay Close To Home
Look into property that’s located twenty minutes or less from where you live. This allows you to be more accessible and involved to your tenants. Responsiveness is a significant attribute in a good property manager, so why not make it easier for yourself? By doing this, you also avoid expensive problems like fines and citations, all as a result of not responding to problems in a timely manner.
Your journey in rental property investment can go a lot smoother if you consider these four elements that will inevitably pop up in the process. Lack of attention can increase negative risks to your name as a property manager and also to the wellbeing and satisfaction to those who’s primary need is a safe and reliable home.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.